Noesim: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
What changed
Noesim
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€324,735
2024 · €455,181-€130,446
Equity
€5.7m
2024 · €5.4m+€324,735
Cash
€770,693
2024 · €189,631+€581,063
Balance sheet total
€7.9m
2024 · €8.1m-€199,542
Largest movements
Assets
- Cash +€581,063
up €581,063 (+306%), from €189,631 to €770,693
mainly Current investments (+€400,000) and Depreciation (+€381,809)
- Current investments -€400,000
down €400,000 (-40.0%), from €1.0m to €600,000
- Tangible fixed assets -€381,809
down €381,809 (-5.5%), from €6.9m to €6.5m
Equity and liabilities
- Debts after one year -€515,493
down €515,493 (-27.9%), from €1.8m to €1.3m
of which Financial debts: -€300,000
- Reserves +€324,735
up €324,735 (+6.1%), from €5.3m to €5.7m
of which Distributable reserves: +€340,226
Income statement
- Other operating income -€323,969
down €323,969 (-98.3%), from €329,711 to €5,742
- Services and other goods -€161,343
down €161,343 (-29.6%), from €545,046 to €383,704
- Turnover +€61,831
up €61,831 (+4.9%), from €1.3m to €1.3m
- Provisions +€46,500
no longer reported in 2025 (was -€46,500)
- Taxes -€36,833
down €36,833 (-23.9%), from €154,107 to €117,274
of which Taxes: -€39,658
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Result 2024
€455,181
Turnover
+€61,831
Other operating income
-€323,969
Services and other goods
+€161,343
Depreciation
-€918
Provisions
-€46,500
Other operating charges
-€2,765
Financial income
-€26,748
Financial charges
+€10,447
Taxes
+€36,833
Result 2025
€324,735
raises the resultlowers the result
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€696,556
Investment
+€400,000
Financing
-€515,493
Cash 2024
€189,631
From operations (derived)
+€696,556
Net result for the year
+€324,735
Depreciation
+€381,809
Smaller working-capital items
-€432
Provisions
-€5,164
Trade debts
+€1,765
Tax, wage and social debts
-€6,156
Investment (derived)
+€400,000
Current investments
+€400,000
Financing
-€515,493
Debts after one year
-€515,493
Cash 2025
€770,693
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,148,501 | €7,948,960 | -€199,542 | -2.4% |
| Fixed assets | 21/28 | €6,920,412 | €6,538,603 | -€381,809 | -5.5% |
| Tangible fixed assets | 22/27 | €6,918,891 | €6,537,082 | -€381,809 | -5.5% |
| Land and buildings | 22 | €6,918,891 | €6,537,082 | -€381,809 | -5.5% |
| Financial fixed assets | 28 | €1,521 | €1,521 | = | 0.0% |
| Other financial fixed assets | 284/8 | €1,521 | €1,521 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €1,521 | €1,521 | = | 0.0% |
| Current assets | 29/58 | €1,228,090 | €1,410,357 | +€182,267 | +14.8% |
| Amounts receivable within one year | 40/41 | €37,792 | €38,560 | +€768 | +2.0% |
| Trade receivables | 40 | €37,792 | €38,560 | +€768 | +2.0% |
| Current investments | 50/53 | €1,000,000 | €600,000 | -€400,000 | -40.0% |
| Other investments | 51/53 | €1,000,000 | €600,000 | -€400,000 | -40.0% |
| Cash at bank and in hand | 54/58 | €189,631 | €770,693 | +€581,063 | +306% |
| Deferred charges and accrued income | 490/1 | €667 | €1,103 | +€436 | +65.3% |
| Total equity and liabilities | 10/49 | €8,148,501 | €7,948,960 | -€199,542 | -2.4% |
| Equity | 10/15 | €5,396,595 | €5,721,329 | +€324,735 | +6.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €5,334,595 | €5,659,329 | +€324,735 | +6.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €207,294 | €191,803 | -€15,491 | -7.5% |
| Distributable reserves | 133 | €5,121,101 | €5,461,327 | +€340,226 | +6.6% |
| Provisions and deferred taxes | 16 | €69,098 | €63,934 | -€5,164 | -7.5% |
| Deferred taxes | 168 | €69,098 | €63,934 | -€5,164 | -7.5% |
| Amounts payable | 17/49 | €2,682,809 | €2,163,696 | -€519,113 | -19.3% |
| Amounts payable after more than one year | 17 | €1,846,439 | €1,330,946 | -€515,493 | -27.9% |
| Financial debts | 170/4 | €700,000 | €400,000 | -€300,000 | -42.9% |
| Credit institutions | 173 | €700,000 | €400,000 | -€300,000 | -42.9% |
| Other amounts payable | 178/9 | €1,146,439 | €930,946 | -€215,493 | -18.8% |
| Amounts payable within one year | 42/48 | €739,949 | €735,557 | -€4,391 | -0.6% |
| Current portion of amounts payable after more than one year | 42 | €515,493 | €515,493 | = | 0.0% |
| Trade debts | 44 | €69,628 | €71,393 | +€1,765 | +2.5% |
| Suppliers | 440/4 | €69,628 | €71,393 | +€1,765 | +2.5% |
| Taxes, remuneration and social security | 45 | €14,327 | €8,171 | -€6,156 | -43.0% |
| Taxes | 450/3 | €14,327 | €8,171 | -€6,156 | -43.0% |
| Other amounts payable | 47/48 | €140,500 | €140,500 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €96,421 | €97,193 | +€772 | +0.8% |
| Operating income | 70/76A | €1,590,319 | €1,328,181 | -€262,138 | -16.5% |
| Turnover | 70 | €1,260,608 | €1,322,439 | +€61,831 | +4.9% |
| Other operating income | 74 | €329,711 | €5,742 | -€323,969 | -98.3% |
| Operating charges | 60/66A | €975,091 | €863,931 | -€111,160 | -11.4% |
| Services and other goods | 61 | €545,046 | €383,704 | -€161,343 | -29.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €380,891 | €381,809 | +€918 | +0.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€46,500 | - | +€46,500 | |
| Other operating charges | 640/8 | €95,653 | €98,419 | +€2,765 | +2.9% |
| Operating profit (loss) | 9901 | €615,228 | €464,250 | -€150,978 | -24.5% |
| Financial income | 75/76B | €44,336 | €17,587 | -€26,748 | -60.3% |
| Recurring financial income | 75 | €44,336 | €17,587 | -€26,748 | -60.3% |
| Income from current assets | 751 | €44,061 | €17,512 | -€26,548 | -60.3% |
| Other financial income | 752/9 | €275 | €75 | -€200 | -72.8% |
| Financial charges | 65/66B | €55,439 | €44,992 | -€10,447 | -18.8% |
| Recurring financial charges | 65 | €55,439 | €44,992 | -€10,447 | -18.8% |
| Debt charges | 650 | €54,988 | €44,577 | -€10,411 | -18.9% |
| Other financial charges | 652/9 | €451 | €415 | -€36 | -8.0% |
| Profit (loss) for the period before taxes | 9903 | €604,124 | €436,845 | -€167,280 | -27.7% |
| Transfer from deferred taxes | 780 | €5,164 | €5,164 | = | 0.0% |
| Income taxes | 67/77 | €154,107 | €117,274 | -€36,833 | -23.9% |
| Taxes | 670/3 | €159,911 | €120,254 | -€39,658 | -24.8% |
| Tax adjustments and reversals of tax provisions | 77 | €5,804 | €2,980 | -€2,824 | -48.7% |
| Profit (loss) for the period | 9904 | €455,181 | €324,735 | -€130,446 | -28.7% |
| Transfer from tax-exempt reserves | 789 | €15,491 | €15,491 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €470,672 | €340,226 | -€130,446 | -27.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.